Mexico's Pemex finds new petroleum reserve

Mexico's Pemex finds new petroleum reserve

View of a tank containing processed oil at Mexican state-owned petroleum company PEMEX refinery in Tula, Hidalgo state, Mexico on March 8, 2011.

Pemex, Mexico's state-owned petroleum monopoly, discovered a new petroleum reserve in the southeastern state of Tabasco that, according to Market Watch, could increase the country's oil reserves by 500 million barrels.

Mexico's outgoing President Felipe Calderon highlighted the significance of the discovery.

"This is one of the biggest discoveries in the last 10 years, particularly onshore," Calderon said.

Pemex is Mexico's and Latin America's largest company. According to Pemex, it's also the "most important fiscal contributor" to Mexico. Fox News says it's the world's fourth largest producer of oil, putting out 2.5 million barrels per day.

However, Reuters reports that Mexico's oil output has "stagnated in recent years." In 2004, Pemex put out 3.4 million barrels per day. Still, the company is the world's seventh largest producer of oil.

Pemex made two more petroleum discoveries recently, Market Watch reports, when two wells were found in the Gulf of Mexico.

This recent discovery occurred in Navegante field one, 12 miles from Villahermosa, the capital of Tabasco.